Marqeta (NASDAQ:MQ) Cut to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company downgraded shares of Marqeta (NASDAQ:MQ) from an overweight rating to an equal weight rating in a research report released on Tuesday morning, MarketBeat reports. They currently have $5.00 target price on the stock, down from their previous target price of $7.00.

Several other research firms have also recently weighed in on MQ. Susquehanna reiterated a “positive” rating and issued a $9.00 price objective on shares of Marqeta in a report on Tuesday, August 6th. William Blair downgraded Marqeta from an “outperform” rating to a “market perform” rating in a report on Tuesday. JPMorgan Chase & Co. cut their price target on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. UBS Group decreased their price objective on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating for the company in a research report on Monday, July 8th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.27.

Marqeta Stock Up 0.8 %

Shares of NASDAQ MQ opened at $3.83 on Tuesday. The firm’s fifty day moving average is $5.08 and its 200 day moving average is $5.28. Marqeta has a 52 week low of $3.37 and a 52 week high of $7.36. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 191.50 and a beta of 1.73.

Marqeta (NASDAQ:MQ) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.05 million. Marqeta had a net margin of 2.86% and a return on equity of 1.17%. Marqeta’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.07) EPS. Equities research analysts anticipate that Marqeta will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On Marqeta

Hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd raised its position in shares of Marqeta by 17,340.0% in the 1st quarter. Covestor Ltd now owns 4,360 shares of the company’s stock worth $26,000 after purchasing an additional 4,335 shares during the last quarter. J.Safra Asset Management Corp increased its holdings in shares of Marqeta by 633.2% in the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock worth $34,000 after purchasing an additional 5,300 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Marqeta by 7,852.8% in the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after purchasing an additional 9,973 shares during the last quarter. Empowered Funds LLC purchased a new position in Marqeta in the 1st quarter worth about $65,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Marqeta during the 2nd quarter valued at about $61,000. 78.64% of the stock is owned by institutional investors.

About Marqeta

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services. It offers its solutions in various verticals, including financial services, on-demand services, expense management, and e-commerce enablement, as well as buy now, pay later.